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SHAREHOLDER UPDATE F45 Training Holdings, Iris Energy Limited, NewAge, Inc, and Vintage Wine Estates: Johnson Fistel Encourages Shareholders to Seek Counsel for Class Action Lawsuits

PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
December 30, 2022 GMT

SAN DIEGO, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that class action lawsuits have commenced on behalf of investors of F45 Training Holdings Inc. (“F45” or the “Company”) (NYSE: FXLV), Iris Energy Limited (NASDAQ: IREN), and NewAge, Inc. (“NewAge” or the “Company”) (OTC: NBEVQ), and Vintage Wine Estates, Inc. (“Vintage Wine” or the “Company”) (NASDAQ: VWE). Additional information can be found by following the links below. There is no cost or obligation to you.

F45 Training: https://www.johnsonfistel.com/investigations/f45-training-holdings-fxlv

Iris Energy Limited: https://www.johnsonfistel.com/investigations/iris-energy-limited-iren

NewAge, Inc: https://www.johnsonfistel.com/investigations/newage-inc-nbev-class-action

Vintage Wine Estates: https://www.johnsonfistel.com/investigations/vintage-wine-vwe-inventory-adjustment

What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.

F45 Training Holdings:

Class Period: Pursuant to the July 2021 IPO

Lead Plaintiff Deadline: February 6, 2023

Complaint Allegations:

The filed complaint alleges that defendants made false statements and/or concealed that: 1) F45 Training could not maintain new franchise growth because it was offering more favorable payment terms to multi-unit franchisees; 2) F45 Training’s lackluster pace of growth was also accompanied by a massive and unsustainable increase in F45 Training’s accounts receivable and a similar, and equally unsustainable, decrease in its cash and cash equivalents; and 3) these practices were not sustainable at the time of the initial public offering, and when F45 Training could no longer sustain this defective business model, its growth rate and revenue plummeted.

Iris Energy Limited:

Class Period: November 17, 2021 and November 1, 2022

Lead Plaintiff Deadline: February 13, 2023

Complaint Allegations:

The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) certain of Iris’s Bitcoin miners, owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations; (ii) accordingly, Iris’s use of equipment financing agreements to procure Bitcoin miners was not as sustainable as Defendants had represented; (iii) the foregoing was likely to have a material negative impact on the Company’s business, operations, and financial condition; and (iv) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

NewAge, Inc:

Class Period: January 18, 2018 and October 18, 2022

Lead Plaintiff Deadline: February 6, 2023

Complaint Allegations:

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) NewAge never entered into a “distribution agreement” or “initiative in partnership” with the military and never had plans to sell its products at all commissaries and exchanges around the world; (2) NewAge did not have adequate inventory of its products to fulfill this reported agreement; (3) NewAge did not actually expand its product lines or distribution agreements as represented; (4) the Company lacked adequate internal controls; (5) as a result the Company had a heightened risk of regularly scrutiny and ultimately subject to an SEC investigation and action; and (6) as a result of the foregoing, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Vintage Wine Estates:

Class Period: October 13, 2021 and September 13, 2022

Lead Plaintiff Deadline: January 13, 2023

Complaint Allegations:

The filed complaint alleges that defendants made false statements and/or concealed that: (1) due to a material weakness related to its inventory controls and procedures, the Company lacked a reasonable basis to report inventory metrics; (2) the Company understated its overhead burden in certain quarters, thereby overstating its adjusted EBITDA; (3) as a result of the foregoing, Vintage Wine was reasonably likely to incur significant charges to restate prior reporting; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.

For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com